PGC NEWSLETTER 6th May 2014 1
THOUGHT OF THE DAY
“LIFE IS A PURE FLAME, AND WE LIVE BY AN INVISIBLE
SUN WITHIN US”.
• The Reserve Bank, SEBI and the Finance Ministry have drawn up a
contingency plan to deal with any excessive market volatility when
results of the general elections are declared today.
• Two marquee private equity firms Apollo Global Management and
home grown ICICI Venture, has managed to convince large
international investors, including 5 sovereign and an equal number of
pedigreed US pension funds, to take one of their biggest contrarian
bets on India.
• CIR/MRD/DP/15/2014Risk management framework for Foreign
Portfolio Investors (FPI) under the SEBI (Foreign Portfolio Investors)
• The department of industrial policy and promotion (DIPP) will push
for foreign direct investment (FDI) in e-commerce with the new
government as part of its strategy to give an impetus to manufacturing.
• ONGC has alleged that Reliance Industries may have drawn natural
gas worth thousands of crores of rupees from a common reservoir in
the KG-D6 block, and taken the matter to the Delhi High Court,
accusing the oil ministry and its technical arm of turning a blind eye to
• Novartis won a seven-month reprieve from generic competition to its
blockbuster leukemia drug Gleevec after reaching a settlement on
Thursday with Sun Pharmaceutical Industries Ltd.
RBI / TAX LAW UPDATES
• RBI/2013-14/591 issues notification regarding Treatment of RIDF and
certain other funds under priority sector.
• RBI/2013-14/592 issues notification regarding Levy of Penal Charges
on Non-Maintenance of Minimum Balances in Inoperative Accounts.
MCX CRUDE OIL
Dow Jones Industrial